Re: Safe ways to cash out
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Ok, that is good. I am not an american citizen yet, but when I do become one, I will pay taxes on my winnings. Is there a clear answer to the question of how one reports winnings and losses? Is it ok to just report say $45,000 in net winnings, and pay taxes on that? How high is the tax?
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You need to pay taxes on your winnings as long as you live here. If you are a US citizen OR permanent resident, you need to pay taxes even if you don't live here.
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how can a permanent resident not live here?
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